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Tax Tips For Getting Ahead In 2022

By 01/02/2022 April 26th, 2022 No Comments

Welcome to 2022! With the turn of a new year comes an opportunity for Australian business owners to take a few steps back, and assess the overall health and stability of their operations and books moving into the next 12 months and beyond. The pandemic continues to throw challenges of all shapes and sizes at ownership and management, meaning the onus remains inevitably on you as the taxpayer to make sure that your accounts are in suitable order come reporting or audit time.

At Equil Advisory, our expertise lies in assisting both big and small businesses across a wide range of industries with honest and insightful tax compliance information, outsourced CFO operations, SMSF expertise and so much more. As such, we’d like to share some of the top tips from our expert team for getting your taxes in order moving into 2022.

  1. Have Your Accounts Centralised and Transparent
  2. Reflect On The Learnings & Mistakes of The Past Tax Year
  3. Create A Clear Tax Strategy With Your Financial Advisor
  4. Secure Your Tax Information & Communications

1. Have Your Accounts Centralised and Transparent

You should be able to, as a business owner, look across your accounts and financial statements and immediately get an accurate impression of the operation’s state of health. Ideally, by 2022, all of your Accounts operations should now be paperless, or as close to as possible, and every invoice, and piece of expenditure, is being logged into the appropriate backend software, at a bare minimum. Any appreciation or depreciation of asset value, or potential capital gains from the sale of business assets, must be accounted for. That way, come the end of the financial year (EOFY), or any scrutiny from the ATO, you know exactly where everything is and what it represents.

Unfortunately, we know the reality to be different. Too many individuals and small businesses across the country still stuff receipts into a back-office drawer, with no coherence or coordination. Implementing and streamlining your record-keeping processes are our speciality. It’s so important for taxpayer businesses to have a crystal clear picture of exactly where they’re at before the Australian Tax Office (ATO) comes knocking, or tax legislation changes. Without a transparent picture of your accounts, there can also be no meaningful long-term planning for your business. 

The world of DIY taxes and bookkeeping is fraught with confusion, misdirection, disorganisation and last-minuteness. In Australia, corporate tax rates and compliance requirements can change quickly, and it’s easy to get left behind. So create some peace of mind, and clear up the picture by engaging with a reputable financial advice partner, who understands the intricacies of the tax system, such as our Equil team. We allow you to envision a pathway to growth, by creating transparency in your accounts.

2. Reflect On The Learnings & Mistakes of The Past Tax Year

People often take the beginning of a new year to reflect on the learnings and mistakes of the past one within their personal life. There’s no reason why you shouldn’t similarly see it as a chance to reflect on the missed tax and finance opportunities for your business. However, sometimes a reflection can be unflattering. To reflect truthfully on the past tax year often requires the insight and advice of a financial partner such as Equil. We create a chance for ownership and management to see the forest for the trees, using a direct and honest approach to identify shortfalls and clutter, and then create the cleanest solutions.

Even if you’ve created a level of success, there are always new technologies and procedural efficiencies that can be found to create an even greater sense of clarity for your books and growth for your business. It’s no use resting on one’s laurels, especially when your competitors are always seeking new advantages and points of difference. Focusing in particular on the specific learnings of the past financial year, to the end of June 2021, and following two financial quarters can be especially valuable for creating the most appropriate tax strategy for the year to come. 

Engaging with an experienced tax compliance and advice partner such as Equil will take so much of the fumbling out of this reflective process. We have experience across such a broad spectrum of industries, and we can cut through the noise to tell you what works. We may even pick up on areas of waste or inefficiency that you hadn’t even considered, allowing you the breathing room to act with decisiveness and surety.

3. Create A Clear Tax Strategy With Your Financial Advisor

Now that we’ve created a clear picture of the numbers, and reflected on the past year’s mistakes, it’s time to make a game plan, if there isn’t one in place already. Having a viable, well-constructed tax strategy in place is non-negotiable if you seek to grow your business finances the right way. In fact, with January already melting away, you should already, right now, be equipped with a clear plan for the next five months, as we accelerate downhill towards another end of the financial year.

Inadequate planning creates headaches for both you and your staff; a mad rush to the end of June as you fumble to get everything in order. What’s worse, you would almost certainly be leaving money on the table as you scrambled. Without the appropriate key tax advice and strategy, you cannot possibly hope to assess all of the options, recoup all of the available returns, or take advantage of all of the available tax credits and incentives – representing a potential loss of hundreds of thousands of dollars. This extends your personal finances as well, with extensive savings to be made in terms of both income tax and superannuation.

As we enter into 2022, now is the perfect time to consult with our diverse team so that we can implement the perfect proactive strategy to maximise the tax return results when it’s time to submit to the ATO. We have assisted our client businesses with direct honesty and expertise that allows us to collaborate on a meaningful and realistic tax plan that we can then help them execute. The potential savings alone make it a no-brainer.

4. Secure Your Tax Information & Communications

As your tax professionals, we are the frontline in protecting some of our clients’ most sensitive information, including personal details, business and income tax information and accounts. To this end, we use the most appropriate, secure and technologically advanced software products to ensure that this crucial information remains private. In the same vein, we recommend to all our partner businesses that they prioritise implementing the correct processes and industry-specific third-party software options that will maintain the highest level of security.

This is no day and age to be lax with your financial records and key accounts documents. You should most certainly not be emailing any such items with this type of sensitive information, whether that be internally or externally. Email is not a secure form of communication, and can represent a potential leak in the pipeline. Instead, consider uploading them securely through the client portal, so that the whole chain links up properly. This extends to your personal finances as well, whether that be super fund information, individual income tax returns, health insurance details, or otherwise.

When it comes to our partner businesses, our expert Equil team understands that diligence and responsiveness are the keys to resolving any potential security issue cleanly and quickly. There’s no time to waste in taking action, and we have the experience and know-how to give our clients the peace of mind that they deserve.

We’re already speeding through 2022 at a rate of knots. Before you know it, the ATO will be knocking on your door again. Take the initiative now. There’s no time to waste for you or your business. Let’s get the books in order, reflect on past mistakes, create a plan and make sure everything’s secure – and that’s just the beginning. There are so many more little tips and tricks we have to ensure that you get the best result when the end of the financial year comes calling.

So speak to our team today and let’s get started.

Albert Tan

Business Services Accountant

Email Me

How did you end up at Equil Advisory?
I was looking for a new place to clear my throat and break the office silence.

When did you start at Equil Advisory?
When I was assured that there would be another Malaysian member of the team.

What do you do at Equil Advisory?
Play hide-and-seek in the bathroom.

What do you do when you aren’t at work?
Go to the gym.

What is something not everybody knows about you?
I don’t know how to pronounce geography properly.

If you had to apply for a reality TV show what would it be?
Survivor.

What would your last meal be?
Macaroni and cheese with milk.

Cats or dogs?
Neither.

Gaurav Shrestha

Business Services Accountant

Email Me Linkedin

How did you end up at Equil Advisory?
Everyone I knew had caught on to my long stories, decided to go find new people who had never heard them before.

When did you start at Equil Advisory?
When I heard they were having a massive Christmas party.

What do you do at Equil Advisory?
Go off on tangents and ask people if they’re good.

What do you do when you aren’t at work?
I would be out hunting ghosts or singing while playing the guitar.

What is something not everybody knows about you?
No drop of rain has ever landed on my head.

If you had to apply for a reality TV show what would it be?
Masterchef Australia.

What would your last meal be?
Double beef burger and a steak on the side.

Cats or dogs?
Cats and dogs are the most popular pets in the world. Cats are more independent and are generally cheaper and less demanding pets. Dogs are loyal and obedient but require more attention and exercise, including regular walks. But what I actually really prefer, I guess it actually depends… -character limit reached-

Albert Tan

Business Services Accountant

Email Me

How did you end up at Equil Advisory?
I have always wanted to be an accountant due to the influence of my family as most of them are accountants. I joined Equil Advisory as it offered me a different opportunity to work on compared to other accounting firms as well as allowing me to develop different skills.

When did you start at Equil Advisory?
28th February 2022.

What do you do at Equil Advisory?
My role at Equil Advisory includes tax compliance work and assisting client in their day-to-day business with EA’s outsourced CFO function.

What do you do when you aren’t at work?
Spending time with my wife, talking to my family or reading light novels.

What is something not everybody knows about you?
Love spicy food even though I can’t handle it at all.

If you had to apply for a reality TV show what would it be?
Voice actor in any cartoon shows.

What would your last meal be?
Roti Telur Bwang.

Cats or dogs?
Love cats and dogs equally.

Pragti Sharma

Administrative Assistant

Email Me Linkedin

How did you end up at Equil Advisory?
I wasn’t allowed to give free food to my friends at Oporto anymore.

When did you start at Equil Advisory?
When I completed shopping for my professional wardrobe.

What do you do at Equil Advisory?
Listen intently to people’s conversations and mimic them during our lunch breaks.

What do you do when you aren’t at work?
Finesse my Australian accent.

What is something not everybody knows about you?
South India is my favourite part of India.

If you had to apply for a reality TV show what would it be?
Fear Factor.

What would your last meal be?
Steamed dumplings.

Cats or dogs?
Both!

Pragti Sharma

Administrative Assistant

Email Me Linkedin

How did you end up at Equil Advisory?
When I was a child, dealing in numbers was never a problem! But still, I passed mathematics on the verge.

Gradually, I realized that numbers are in my favour and so are the associated calculations. As a result, I pursued Accounting with Finance, which helped me develop an interest in accounting systems. Further, securing a career in accounting lead me to make my way to EQUIL.

This is my first professional job, and I am too excited to be a part of the team.

When did you start at Equil Advisory?
It’s my second week at Equil! I started on 10th February 2022.

What do you do at Equil Advisory?
I have started as an administrative assistant, so my work includes responding to the client emails and undertake day-to-day admin tasks.

What do you do when you aren’t at work?
Most of my time goes out at talking to my friends and family, back home in India. If, I still have more to go, Netflix is my best thing.

What is something not everybody knows about you?
I am only serious for who I want to be and what I want to achieve.
On the other hand, those who think I am serious, shouldn’t know, the time I tried the 30-day weight lost diet, I lost another 30 days!
I can never stick to a diet!!!!

If you had to apply for a reality TV show what would it be?
Fear factor - Khatron ke Khiladi.

What would your last meal be?
Anything and everything that I get hand-cooked by my Mommie.

Cats or dogs?
Dogs, only to watch them play from a distance.

Sabrina Truong

Business Services Accountant

Email Me Linkedin

How did you end up at Equil Advisory?
I wanted to see how people who eat unhealthy actually live.

When did you start at Equil Advisory?
Just as the second lockdown was about to begin, so I didn’t have to talk to people in person.

What do you do at Equil Advisory?
Eat raw veggies and perfect my American accent.

What do you do when you aren’t at work?
Driving around Sydney for the best fast food places.

What is something not everybody knows about you?
I eat banana bread with chopsticks.

If you had to apply for a reality TV show what would it be?
Man vs Food.

What would your last meal be?
Deep fried chicken and chips with extra chicken salt.

Cats or dogs?
Cats!

Sabrina Truong

Business Services Accountant

Email Me Linkedin

How did you end up at Equil Advisory?
My dad is a bookkeeper, so it was natural for me to choose accounting as a degree. Accounting allows me to help others grow their businesses and achieve their goals, which is something I am passionate about. I joined Equil Advisory because it is not like your typical accounting firm. I also wanted to be part of a team that is supportive and provides the opportunity for me to develop and grow my skills.

When did you start at Equil Advisory?
July 2021.

What do you do at Equil Advisory?
A large part of my role is focused on tax compliance and the other part is dedicated to building client relationships so that I can better help our clients with EA’s outsourced CFO function.

What do you do when you aren’t at work?
You would find me watching Netflix, working out, or hanging out with friends/family.

What is something not everybody knows about you?
I am learning Korean.

If you had to apply for a reality TV show what would it be?
Super Trio Game Master.

What would your last meal be?
Pepperoni Pizza.

Cats or dogs?
Dogs!

Gaurav Shrestha

Business Services Accountant

Email Me Linkedin

How did you end up at Equil Advisory?
Growing up I was exposed to the business environment, so I always wondered about the ins and outs of the business, how it runs and how to be financially sound. This piqued my interest on business studies and further after that into accounting. I wanted to broaden my horizons, knowledge and have a sound work life balance which led me to Equil Advisory.

When did you start at Equil Advisory?
17th December 2021.

What do you do at Equil Advisory?
At Equil Advisory, we are exposed a range of work that include tax compliance, bookkeeping, tax advice, liaising with the clients and outsourced CFO functions. My work is predominately occupied by tax compliance and outsourced CFO function.

What do you do when you aren’t at work?
I’m mostly out with my cousins or friends. Binge watching series or may be hop online to play some games.

What is something not everybody knows about you?
I can speak four different languages and I love gaming.

If you had to apply for a reality TV show what would it be?
The Voice.

What would your last meal be?
Mo Mo.

Cats or dogs?
Dogs.

June Wong

Business Services Senior

Email Me Linkedin

How did you end up at Equil Advisory?
My sister got tired of me working from home and hence decided to join EA.

When did you start at Equil Advisory?
Just as the first lockdown was lifted.

What do you do at Equil Advisory?
Eat Coco Pops and telling people what I am honestly thinking.

What do you do when you aren’t at work?
Planning my next EA Team workout session.

What is something not everybody knows about you?
I am scared to sleep alone.

If you had to apply for a reality TV show what would it be?
Survivor – because I wouldn’t last a day.

What would your last meal be?
I can’t decide between all the YUM-MEE animals of the world.

Cats or dogs?
Porcupine.

June Wong

Business Services Senior

Email Me Linkedin

How did you end up at Equil Advisory?
I realised that a lot of people that work in chartered firms are not the happiest. Thus, I was looking for a place where I am happy to go to work every day. I think I found it at Equil.

When did you start at Equil Advisory?
May 2021.

What do you do at Equil Advisory?
Connecting with clients and providing them with all the support they need so they can be at ease and have confidence that they are well looked after.

What do you do when you aren’t at work?
Watching dramas at home while lying on bed.

What is something not everybody knows about you?
I actually thought of becoming an IT person and did a couple of months of IT degree before realising that I am not tech-savvy at all.

If you had to apply for a reality TV show what would it be?
Amazing Race.

What would your last meal be?
Hotpot with lots of veges, mushrooms and tofu!

Cats or dogs?
Neither.

Kupakwashe Doroh

Business Services Accountant

Email Me Linkedin

How did you end up at Equil Advisory?
Being second fiddle to a Youtube Vlog star wasn’t cutting it.

When did you start at Equil Advisory?
I needed an excuse to not go to the gym.

What do you do at Equil Advisory?
Write short stories and make sense.

What do you do when you aren’t at work?
Personal cashflow using resources from EA.

What is something not everybody knows about you?
My hair feels like your standard carpet.

If you had to apply for a reality TV show what would it be?
House husbands of North Sydney.

What would your last meal be?
Beef or seafood.

Cats or dogs?
Cows.

Kupakwashe Doroh

Business Services Accountant

Email Me Linkedin

How did you end up at Equil Advisory?
I was looking for an opportunity to be able to grow in my accounting career. I have always had a passion for numbers, and I wanted to understand how to translate this technical knowledge into specific solutions for business growth and development. I found Equil Advisory to be a place that would nurture me into a fully-fledged Accountant by providing continuous guidance and support. I am able to learn from experienced professionals providing proactive advice and expertise to clients by creating intimate relationships. Additionally, I also wanted to be part of a diverse team from different backgrounds with different experiences.

When did you start at Equil Advisory?
September 2020.

What do you do at Equil Advisory?
My role at Equil Advisory includes a range of tax compliance work and performing our outsourced CFO function. I have been lucky to be part of the daily operations of clients’ business where we help ensure we are adding value to all aspects of their businesses and providing advice and guidance to help them grow.

What do you do when you aren’t at work?
Play basketball. watching basketball and religiously watching my favourite TV shows with the twitter community.

What is something not everybody knows about you?
I once played Football for my National team.

If you had to apply for a reality TV show what would it be?
Big Brother AU.

What would your last meal be?
Peanut butter rice, coleslaw and chicken stew.

Cats or dogs?
Dogs.